AI Crypto SYN Sinks 30%, Leaving Arthur Hayes With $1.41M Paper Loss
AI Crypto SYN Sinks 30%, Leaving Arthur Hayes With $1.41M Paper Loss.
SYN , the native token of the AI crypto project Synapse, suffered a brutal crash on Thursday, leaving BitMEX co-founder Arthur Hayes with an estimated $1.41 million paper loss on his reported investment.
SYN plunged by as much as 30% on Thursday, falling to an intraday low of $0.1281.
The decline extended the token's sharp reversal from its late-June peak near $0.725, erasing most of the gains recorded after Hayes publicly backed the Synapse project.
SYN's latest decline also pushed the token substantially below Hayes' estimated entry price .
Hayes reportedly acquired 6.16 million SYN tokens for approximately $2.2 million through Flowdesk, implying an average purchase price near $0.357.
At Thursday's low of $0.1281, the position was worth roughly $789,000. That translates into an estimated unrealized loss of about $1.41 million, or approximately 64% of the initial investment.
The calculation assumes the Hayes-linked wallet still holds the entire 6.16 million SYN position. It also excludes transaction fees, subsequent transfers, additional purchases, or any undisclosed hedging activity.
Hayes' involvement may offer limited reassurance to traders. His recent sales of Hyperliquid ( HYPE ), Near ( NEAR ), Zcash ( ZEC ), and Worldcoin ( WLD ) shortly after publicly backing these tokens prompted accusations that he had used followers as exit liquidity, damaging trust in his subsequent endorsements.
Despite the bearish structure, SYN may be due for a short-term relief rally after its latest collapse.
The token remains inside a descending parallel channel on the four-hour chart, with Thursday's sell-off briefly pushing the price toward the structure's lower boundary. SYN's relative strength index also fell to around 26, placing it below the oversold threshold of 30.
Similar declines of more than 20% during SYN's recent downtrend were followed by immediate rebound attempts as short sellers booked profits and speculative buyers entered near local lows.
A comparable bounce could initially send SYN toward the 0.786 Fibonacci retracement level near $0.1767. That area overlaps with the channel's upper trendline, making the $0.176–$0.18 range a likely resistance zone.
Conversely, a breakdown below Thursday's $0.1281 low would weaken the rebound scenario and keep the broader downtrend intact.
SYN remains below its 50- (green), 100- (blue) and 200-period (blue) exponential moving averages (EMAs), while the descending channel continues to reflect lower highs and lower lows.
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